It looks like crypto bulls are jumping back in!
If these rallies continue, how high can bitcoin and its buddies go? Which altcoins are looking most bullish these days?
Bitcoin (BTC) finally busted out of that triangle consolidation pattern we’ve been watching for a while!
But does this rally have legs?
After bouncing off an area of interest around $40,000, price is now testing the resistance at the 50% Fibonacci extension level.
This happens to line up with the swing high around $51,000-52,000 so there might be some profit-taking action right here. Is BTC/USD a buy or a sell?
A break above this level could confirm that bulls are in it to win it, possibly taking BTC up to the 61.8% extension at $55,000 or all the way up to the full extension around the record highs.
Just be careful since the 100 SMA is still below the 200 SMA while Stochastic is approaching the overbought region.
Cardano (ADA) is still in correction mode, hovering above the 50% Fibonacci retracement level and the $2.00 major psychological mark.
The 100 SMA is safely above the 200 SMA to confirm the presence of bullish energy while Stochastic is heading up to show that buyers have the upper hand.
So what’s keeping bulls from charging?
More buyers might be holding out for a test of the rising trend line support that’s been holding since March this year. This happens to be right smack in line with the 61.8% Fibonacci retracement level and 200 SMA dynamic inflection point, too!
Bitcoin Cash (BCH) has been moving sideways, pacing back and forth between support at $470 and resistance around $790.
Price just bounced off the bottom of the range again, so another move back to the top might follow. Stochastic is heading up, which means price might follow suit until overbought conditions are met.
However, the 100 SMA is below the 200 SMA to suggest that bears have the upper hand. BCH just moved past the 100 SMA dynamic inflection point, so it could test the 200 SMA dynamic resistance near $700 next.
Algorand (ALGO) is also bouncing off a long-term area of interest and is just making its way up to the nearby upside targets. Blink and you might miss it!
Price has yet to test the resistance at the 38.2% Fib extension, and the bullish moving average crossover suggests that buyers are just getting started.
In that case, ALGO could carry on with its climb to the 50% extension at $2.500 that lines up with the swing high.
Even stronger upside momentum could take it up to the 76.4% level at the $3.000 psychological mark or all the way up to the full extension.
Stochastic has a bit of room to head north before indicating exhaustion among buyers, so bullish vibes could stay in play for a while longer.
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If this is your first time checking out crypto charts, keep in mind that there is a considerable amount of risk in trading cryptocurrencies due to their inherent volatility and sensitivity to headlines. Be careful out there!